Westchester Capital Management, LLC (“Westchester”) is a wholly owned subsidiary of Virtus
Partners, Inc. (“VPI”) which is wholly owned by Virtus Investment Partners, Inc. (NYSE: VRTS)
(“Virtus”). Virtus, a publicly traded firm, is singularly committed to the long-term success of
individual and institutional investors, offering asset management through its affiliated managers
and select subadvisers (see
www.virtus.com). Westchester (along with its predecessor firm) has
been an established manager in the merger arbitrage space for over 40 years. Westchester has been
an investment adviser registered with the Securities and Exchange Commission since 2010 and its
predecessor firm was registered in 1980.
Westchester provides investment management services to the following portfolios, all of which
are affiliated with Westchester, as subadviser under subadvisory agreements with Virtus
Investment Advisers, Inc. (“VIA”), also an affiliate of Westchester:
• The Merger Fund (“TMF”)
• The Merger Fund VL (“VL”)
• Virtus Westchester Event-Driven Fund (“EDF”)
• Virtus Westchester Credit Event Fund (“CEF”)
Westchester also provides investment management services as a subadviser to the following non-
affiliated mutual funds:
• JNL/Westchester Capital Event Driven Fund (“JNL”)
• JNL Multi-Manager Alternative Fund (“JARB”)
• Principal Funds, Inc - Global Multi-Strategy Fund (“PRIN”)
TMF, VL, EDF, CEF, JNL, JARB and PRIN are collectively referred to as the “Funds.”
Westchester engages in merger arbitrage, event-driven and credit-event strategies on behalf of the
Funds. Merger arbitrage is an investment approach designed to profit from the successful
completion of proposed mergers, takeovers, tender offers, leveraged buyouts, liquidations and
other types of corporate reorganizations. Event-driven is an investment approach designed to
capture price movements generated by specific events such as mergers, acquisitions, asset sales,
restructurings, refinancings, recapitalizations, reorganizations or other specific special situations.
Credit event is an investment approach designed to profit from credit events or similar situations
such as capital structure arbitrage, mergers and acquisitions, spin-offs, credit restructurings,
IPOs
of debt, refinancings, debt maturities, asset monetizations and other restructurings. The Funds may
pursue other investment strategies as part of their principal investment strategies. A summary of
each Fund’s principal investment strategies is included in its offering documents.
In pursuing these investment strategies, Westchester will invest in the following types of securities
on behalf of the Funds: equity securities of any kind, debt securities of any kind, warrants, rights,
convertible securities, derivatives instruments of any kind such as options, currency forwards and
swaps, special purpose acquisition companies, foreign issues, investment company securities,
including closed-end funds and exchange-traded funds, initial public offerings, preferred stock and
other preferred securities, American depositary receipts (ADRs), real estate investment trusts
(REITs), master limited partnerships (MLPs) and private investments.
Westchester tailors its advisory services to the specific investment objectives, policies and
restrictions, if any, of each Fund as set forth in the relevant prospectus, prospectus supplement,
statement of additional information, sub-advisory contract and other governing documents
pertaining to each Fund (collectively, the “Fund Documents”). Investment advice is provided in
respect of each Fund, and not individually to investors in the Funds. Each Fund is subject to the
investment restrictions described, if applicable, in its Fund Documents.
In addition, Westchester is an affiliate of Westchester Capital Partners, LLC, an investment adviser
(“WCP”). WCP serves as the general partner of Westchester Capital Hudson Valley Partners, L.P.,
a Delaware limited partnership (“HVP”), and the manager of Westchester Capital Master Trust, a
Bermuda trust (the “Master Fund”), a master-feeder structure in which HVP is a feeder fund to the
Master Fund. WCP also formerly served as the investment adviser to Westchester Capital Merger
Fund, Ltd. (“LTD”), a Cayman feeder fund to the Master Fund. As of December 31, 2022, the
remaining investors in LTD redeemed and WCP made the decision to wind down and dissolve
LTD. LTD was dissolved effective November 29, 2023.
As of December 31, 2023, Westchester managed approximately $3,966,800,000 in client assets on
a discretionary basis and did not manage any assets on a non-discretionary basis.